Make it in America Agenda will Create Jobs and Build Shared Prosperity

Press Release

Today Maryland Congressman Chris Van Hollen issued the following statement on the "Make it in America" agenda for the 112th Congress, which includes the Innovative Technologies Investment Incentive Act:

"Democrats are committed to creating jobs and rebuilding our economy, and the Make it in America agenda is the cornerstone of that effort. It is a plan that builds shared prosperity today and into the future by encouraging American businesses to make products and innovate at home and sell them both here and abroad. It is a pro-growth agenda that makes targeted investments in education and innovation, and I applaud Congressman Hoyer's tireless work on this important initiative.

"I'm especially pleased that this agenda includes the Innovative Technologies Investment Incentive Act. This legislation, which I also introduced in the 111th Congress, incentivizes meaningful investment in America's most innovative small companies so we can leverage private capital to create good-paying American jobs and lay the foundation for our future economic success. It will provide a boost to those at the cutting edge of tomorrow's breakthroughs and cures -- as well as job creators -- at a time when that boost is needed most. It is modeled after similar legislation in Maryland and other states and has a proven track-record of success."

BACKGROUND:

The Innovative Technologies Investment Incentive Act will:

* ACCELERATE INNOVATION by providing a 25 percent tax credit for qualified equity investments in eligible high technology and biotechnology small business concerns.
* INVEST IN QUALITY by directing credit-qualified investments only to those small businesses that have met the federal government's rigorous requirements for receiving Small Business Innovation Research (SBIR) grant awards.
* CONTROL COSTS by establishing a per company cap for the Innovative Technology Investment Credit at one half the value of the receiving company's SBIR award and an overall cap of $500 million for the program.
* REWARD LONG TERM INVESTMENT by requiring a holding period of at least three years for qualified investments.

Original co-sponsors include Congresswoman Betty McCollum (D-MN), Congressman C.A. Dutch Ruppersberger (D-MD), Congresswoman Allyson Schwartz (D-PA), Congressman Jared Polis (D-CO), and Congressman John Garamendi (D-CA).

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